Skye Bioscience’s (SKYE) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Skye Bioscience (NASDAQ:SKYE) in a report issued on Tuesday morning,Benzinga reports. They currently have a $15.00 target price on the stock.

Several other equities research analysts have also issued reports on SKYE. Craig Hallum lowered their target price on shares of Skye Bioscience from $18.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. William Blair reaffirmed an “outperform” rating on shares of Skye Bioscience in a research note on Tuesday, May 20th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $16.60.

Skye Bioscience Price Performance

SKYE opened at $3.69 on Tuesday. The firm has a market capitalization of $114.32 million, a P/E ratio of -4.50 and a beta of 1.69. Skye Bioscience has a one year low of $1.14 and a one year high of $8.44. The company has a fifty day moving average price of $2.30 and a 200-day moving average price of $1.95.

Skye Bioscience (NASDAQ:SKYE) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, analysts expect that Skye Bioscience will post -1.04 earnings per share for the current year.

Hedge Funds Weigh In On Skye Bioscience

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen LLC purchased a new position in shares of Skye Bioscience in the 1st quarter worth about $37,000. Capital Advisors Wealth Management LLC purchased a new position in shares of Skye Bioscience in the 1st quarter worth about $33,000. Squarepoint Ops LLC purchased a new position in shares of Skye Bioscience in the 4th quarter worth about $38,000. Two Sigma Advisers LP purchased a new position in shares of Skye Bioscience during the fourth quarter worth approximately $32,000. Finally, Deutsche Bank AG raised its stake in shares of Skye Bioscience by 365.0% during the fourth quarter. Deutsche Bank AG now owns 40,835 shares of the company’s stock worth $116,000 after acquiring an additional 32,054 shares in the last quarter. 21.09% of the stock is currently owned by hedge funds and other institutional investors.

About Skye Bioscience

Skye Bioscience, Inc, a clinical stage pharmaceutical company, discovers, develops, and commercializes cannabinoid-based molecules for the treatment of infectious diseases. The company's lead product candidate is SBI-100 used in the treatment of glaucoma and ocular hypertension. It is also developing SBI-200 to treat and manage various eye diseases, including uveitis, dry eye syndrome, macular degeneration and diabetic retinopathy.